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How much to Offer?

  • 14-06-2011 6:35pm
    #1
    rosser1
    Closed Accounts Posts: 2 ✭


    Just looking for peoples views on this. I'm a first time buyer and recently got mortgage approval. Have looked at a house a couple of times and I am interested in putting in an offer.
    3 Bed semi in a suburb of Galway, has been on the market for 18 months, started @ E260K then fell to E230k is now asking E190K for the past 3 months. I'm thinking of putting an offer of E170K. Do ye think this is realistic?
    Thanks


Comments

  • #2
    Vanbis
    Closed Accounts Posts: 3,724 ✭✭✭Vanbis


    rosser1 wrote: »
    Just looking for peoples views on this. I'm a first time buyer and recently got mortgage approval. Have looked at a house a couple of times and I am interested in putting in an offer.
    3 Bed semi in a suburb of Galway, has been on the market for 18 months, started @ E260K then fell to E230k is now asking E190K for the past 3 months. I'm thinking of putting an offer of E170K. Do ye think this is realistic?
    Thanks

    I'm no expert but i would be offering the same amount to start off with.


  • #3
    Lyn256
    Registered Users, Registered Users 2 Posts: 857 ✭✭✭Lyn256


    I wouldn't just base your offer on the basis that the house has been at €190k for the 3 months.
    Take a look at the prices being looked for in that estate and other similar estates and see what the current average price that 3 beds are up for and base your offer on that.
    Daft.ie have an option to look at properties that have been listed in the last 24 hours/3 days/7 days/14 days/30 days. Look at what prices are being looked for in the recent weeks.
    No point offering €170k if that's now the average price.
    Best of luck!


  • #4
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    I'd say offer 150k, see what they say, they could surprise you


  • #5
    up4it
    Closed Accounts Posts: 70 ✭✭up4it


    I'd go in with 155k.

    You can always come back with a higher offer if rejected. So you have nothing to lose.


  • #6
    Jaden
    Registered Users, Registered Users 2 Posts: 2,393 ✭✭✭Jaden


    It's hard to determine price without knowing whic estate, but I would have thought a bog standard semi-d in a suburb in Galway is probably worth about 120-140k.
    I know it's not what you're looking for, but 170K would get you 5 Bed/2500 sqaure feet/0.5 acre 20-30 minutes out of Galway.


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  • #7
    Balmed Out
    Registered Users, Registered Users 2 Posts: 4,729 ✭✭✭Balmed Out


    id go in with a figure like 157. Saying a round figure to me always gives impression its pulled out of thin air. A more specific amount gives the impression thats what youre actually able to affoard and your not going to be easily pressed into increasing it.


  • #8
    johndaman66
    Registered Users, Registered Users 2 Posts: 4,099 ✭✭✭johndaman66


    Balmed Out wrote: »
    id go in with a figure like 157. Saying a round figure to me always gives impression its pulled out of thin air. A more specific amount gives the impression thats what youre actually able to affoard and your not going to be easily pressed into increasing it.

    I see your logic Blamed Out. The Estate Agent might be scratching his head at first but I see where your coming from...you would be giving the impression you were previously mortgage approved to give you the €157k figure to work with.


  • #9
    The Good Agent
    Closed Accounts Posts: 46 ✭The Good Agent


    Like other posters have stated already, try and take in as many other properties for sale in the local area as possible. Gauge an average price for them all and see where that compares to the 190K.
    Even when you get the average, I'd still knock 15% off that price and come in low. As someone has stated already, theres no harm in coming in low, it can always be upped. The opposite however is not true.

    Nothing worse than making an offer, thinking your getting a good deal. Then the EA accepts it straight off, and you're left wondering could you have got it a bit cheaper.

    Another option, is to give a fake name, or no name at all when making the original offer. Come in as low as you want with this offer to gauge the EA's feeling on the house's value. If you get laughed out the door, come back later with a higher offer from YOU.


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